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美团 (3690 HK) - 高客单份额稳固；期待26年盈利复苏	李怡珊,王腾杰	2025-11-30
MEITUAN (3690 HK) - High-ASP share solid; Anticipate 2026E recovery	Li Yishan, Crystal,Wong Tang Kit, Tommy	2025-11-30
Li Auto (2015 HK) - MEGA-driven 3Q25 loss, downgrade to HOLD due to lack of catalysts in the short term	Liang Yonghuo,Harrison, Yin Haocheng	2025-11-30
理想汽车(2015 HK) - MEGA召回致三季度亏损，缺乏短期催化剂下调至中性	梁勇活,殷浩程	2025-11-30
China Metals & Mining Sector - Thermal coal prices stabilizing with potential upside as demand recovers	CMS (HK) Research	2025-11-28
China Agricultural Sector - Hog prices declining despite a peak season, sow capacity reduction accelerating	CMS (HK) Research	2025-11-28
艾拉伦制药 (ALNY US) - 管理层交流反馈：Amvuttra全球商业化强劲推进及主要临床项目进展	陈铸鸿,谭震,陈泓道	2025-11-27
Alnylam Pharmaceuticals (ALNY US) - NDR takeaway: Strong Amvuttra global commercial uptake and key clinical programs updates	Chen Zhuhong, Jonah,Tan Zhen,Chen Hongdao, George	2025-11-27
China Macro Economy - Awaiting the Rally	CMS (HK) Research	2025-11-27
阿里巴巴 (BABA US) - AI云业务前景乐观，即时零售达成里程碑	李怡珊,王腾杰	2025-11-26
Alibaba (BABA US) - Sanguine AI + cloud outlook with quick commerce milestone	Li Yishan, Crystal,Wong Tang Kit, Tommy	2025-11-26
小马智行 (PONY US) - 三季度Robotaxi超预期，单车模型跑通推动规模化落地	梁勇活,殷浩程	2025-11-26
PONY AI (PONY US) - Robotaxi outperformed in 3Q25, single-vehicle UE breakeven enables large-scale deployment	Liang Yonghuo,Harrison, Yin Haocheng	2025-11-26
速腾聚创 (2498 HK) - 三季度亏损扩大但四季度将扭亏，明年出货指引强劲	梁勇活,殷浩程	2025-11-26
Robosense (2498 HK) - 3Q25 loss widened, but 4Q25 profitability expected with strong shipment outlook for next year	Liang Yonghuo,Harrison, Yin Haocheng	2025-11-26
亚朵 (ATAT US) - 业绩超预期，指引上调	黄铭谦	2025-11-26
Atour Lifestyle (ATAT US) - Beat-and-raise	Wong Ming Him, Joseph	2025-11-26
全球医药、医疗行业 - 全球医疗产业升温，10月投融资创新高，医疗器械表现亮眼	陈铸鸿,谭震,陈泓道	2025-11-25
Global Pharmaceutical & Healthcare - Healthcare Roars Back: Record October, Medical Devices Shine	Chen Zhuhong, Jonah,Tan Zhen,Chen Hongdao, George	2025-11-25
China Macro Economy - Under the Microscope: Demand drivers for reflation next year	CMS (HK) Research	2025-11-25

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